Turner Broadcasting, the parent company of CNN, announced today that it was laying off 10 percent of its staff worldwide, with the news network slated to lose 300 employees via buyouts and layoffs, as part of an initiative to “save money and refocus investment.”
CNN’s Brian Stelter reports that in total, the parent company will axe about 1,475 positions. According to a memo sent out by Turner CEO John Martin, the layoffs will affect not just CNN, but also other Turner properties like Cartoon Network and TBS.
“Those whose jobs are impacted will receive every consideration and the respect they are due, starting with severance pay for transition,” Martin said. “Whatever their job title, business unit or location, they have contributed to the success story that is Turner Broadcasting, and they leave with our thanks and sincere best wishes.”
CNN in particular will lose about 8.5 percent of his workforce, and has offered 130 voluntary buyout packages to employees who are over 55 and have been at the company for 10 years. The rest will be laid off.
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